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Shorepower Technologies Inc (SPEV0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenue to $15,442 from $3,676 in the same quarter the previous year. The increase is attributed to higher product sales.
Cost of revenue for the quarter was $28,904, compared to $17,373 in the previous year, with a deduction for revenue share resulting in a gross margin of ($14,884).
Professional fees for the quarter were $13,000, slightly down from $13,221 in the previous year.
General and administrative expenses decreased significantly to $12,045 from $34,286, primarily due to reduced maintenance expenses.
Consulting expenses increased to $20,155 from $17,185, reflecting higher costs for grant writing and engineering services.
Officer compensation rose to $50,000 from $30,000, following an increase in the CEO's monthly salary.
Other income for the quarter was $32,889, including a $50,000 grant award, offset by $17,110 in interest expense.
Net loss for the quarter was $77,194, compared to $141,026 in the previous year, with the decrease attributed to the factors discussed above.
For the nine months ended September 30, 2024, total revenue increased to $52,779 from $19,850, with a gross margin of ($10,490) compared to ($35,638) in the previous year.
Professional fees increased to $58,099 from $24,823, while general and administrative expenses decreased to $48,577 from $285,463, due to non-cash expenses in the prior period.
Consulting expenses rose to $54,260 from $47,163, and officer compensation increased to $136,668 from $90,000.
Other expenses for the nine months were $2,911, with interest expenses of $52,912 partially offset by a $50,000 grant.
Net loss for the nine months was $311,005, down from $544,584, due to the reasons discussed above.
The company used $152,998 in cash for operating activities during the nine months ended September 30, 2024, compared to $122,488 in the previous year.
During the same period, $113,244 of related party loans were repaid, compared to $61,912 in the previous year, with additional financing activities in the prior period.
The filing notes that there are no off-balance sheet arrangements that could materially affect the company's financial condition.
Management has identified that disclosure controls and procedures were not effective as of September 30, 2024, but there were no changes in internal control over financial reporting during the quarter.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Shorepower Technologies Inc Com quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.